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IRS Issues Proposed Regulations on New Tax Reform Reporting Requirements for Life Insurance Contract Transactions

March 22, 2019 Certain life insurance contracts may have reporting requirement changes under the Tax Cuts and Jobs Act.

IRS Revenue Ruling Provides Prescribed Rates for Federal Income Tax Purposes

March 15, 2019 The IRS recently issued Revenue Ruling 2019-08 that provides various prescribed rates for federal income tax purposes.

IRS Issues Proposed Regulations on Deduction for Foreign-Derived Intangible Income and Global Intangible Low-Taxed Income

March 5, 2019 The IRS recently issued proposed regulations under section 250 of the Internal Revenue Code, which offers domestic corporations deductions for foreign-derived intangible income and global intangible low-taxed income.

Beware of “Ghost” Tax Return Preparers

March 1, 2019 The IRS warns taxpayers to avoid unethical tax return preparers, known as “ghost” preparers.

IRS Waives Estimated Tax Penalty for Farmers, Fishermen Who File Returns and Pay Tax by April 15

February 28, 2019 The IRS will waive the estimated tax penalty for any qualifying farmer or fisherman who files his or her 2018 federal income tax return and pays any tax due by Monday, April 15, 2019.

Individuals Who Need Passports for Imminent Travel Should Contact IRS to Resolve Tax Debt

February 27, 2019 The IRS recently reiterated its warning that taxpayers may not be able to renew a current passport or obtain a new passport if they owe federal taxes.

Tax Prep Using Content Services Solutions

February 27, 2019 Most taxpayers born in the last 60 years have the expectation that their preparer is harnessing electronic tools to help eliminate errors, speed up processes and make their overall client experience a positive one.

Interest Rates Remain the Same for the Second Quarter of 2019

February 25, 2019 The IRS recently announced that interest rates will remain the same for the calendar quarter beginning April 1, 2019 as they were in the first quarter of 2019.

IRS Revenue Ruling Provides Prescribed Rates for Federal Income Tax Purposes

February 15, 2019 The IRS recently issued Revenue Ruling 2019-07 that provides various prescribed rates for federal income tax purposes.

Bonus Depreciation Safe Harbor Rules for Vehicles Issued by IRS

February 13, 2019 The IRS recently provided a safe harbor method to determine depreciation deductions for passenger automobiles that qualify for the 100 percent additional first-year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles under Sec. 280F (Rev. Proc. 2019-13).